The fastest growing types of small businesses for 2022 revealed in new research
London based SME insurance provider Simply Business has analysed all new business insurance policies taken out in 2020 and 2021 to find the fastest growing small business sectors.
Craft stalls were the fastest growing trade in 2021, with a 237 per cent increase from 2020. With Covid-19 restrictions inspiring the nation to turn to craft hobbies, including candle making and knitting, it would seem many are now turning their new-found hobbies into business ventures.
Meanwhile, photographers were the fourth fastest-growing small business trade with a 56 per cent increase, and home baking also featured in the top 10 fastest growing sectors (24 per cent), as a “new wave of banana bread-fuelled bakers looked to set up small firms”.
At the same time, other entrepreneurs jumped on emerging trends, starting new businesses to meet shifts in demand. There was a 62 per cent increase in the number of online retailers, as more and more shoppers look to make their purchases online to either avoid busy crowds or out of necessity during periods of restriction.
The number of market stall traders across the country also spiked, with a 113 per cent increase versus 2020, while the amount of self-employed caterers rose 39 per cent, reflecting the increased popularity of outdoor leisure, food stalls, and outdoor dining, accelerated by Covid-19
The other sectors to feature in the list of the 10 fastest growing trades include handyman/handywoman (44 per cent), tutors (27 per cent), dog walkers (22 per cent), and accountants (21 per cent).
Alan Thomas, UK CEO at Simply Business, commented: “Small Businesses and the self-employed are vital to the UK economy, accounting for 99 per cent of all British businesses – but few have been hit harder by Covid-19.
“Thankfully small business owners have shown resilience, innovation and creativity at every stage of the pandemic. And as a wave of challenges persist – from staff shortages to supply chain issues – it’s incredibly encouraging to see UK entrepreneurs leading the way when it comes to our recovery.
“Put simply, our economy and communities need small businesses to bounce back, so it’s heartening to see a new wave of entrepreneurs seizing the opportunity to start up.”
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